Australian Shares Hit Record High but Close Lower

The Australian share market has closed slightly lower after failing to sustain a morning push into record territory despite the release of dovish Reserve Bank minutes. The benchmark S&P/ASX200 index early on April 2 hit a record intraday high of 7,910.5, building on Thursday’s (March 28) record close, but finished down 8.9 points at 7,887.9—a drop of 0.11 percent. The broader All Ordinaries fell 7.9 points, or 0.1 percent, to 8,145.8. Traders were digesting the release of Reserve Bank minutes that seemed to indicate that board members did not discuss raising rates at their March meeting for the first time since April 2022. Commonwealth Bank economist Gareth Aird called the minutes “the most dovish piece of communication from the board since the RBA commenced its tightening cycle in May 2022”....